New Mega Project Coming To West Chelsea: HFZ Capital Closes Construction Financing for The Eleventh
A U.K. financial institution finances full-block west Chelsea project featuring Bjarke Ingles-designed luxury condominiums and the first U.S. Six Senses Hotel.
West Chelsea continues its transformation from industrial to urban elite. HFZ Capital Group, a U.K. real estate investment and development company, just recently closed a $1.2 billion in construction financing for The Eleventh. This is a full-block project on the High Line located at 76 11th Avenue between 17th and 18th streets.
This new development is scheduled to open in 2019. It will be situated on the far West Side of Chelsea, featuring two soaring towers between the High Line and the Hudson River. HFZ will go all out with this project since the design will be done by award winning architecture firm Bjarke Ingels Group (BIG). The famous Danish group, is also known for their work on the West 57th tower block.
In addition, Six Senses Hotels Resorts Spas will open its flagship North American urban hotel at HFZ’s visionary full-block mixed-use development project. This luxury hotel group is known by their commitment to wellness and sustainable practices. They currently have ten properties around the world, and while the brand Six Senses manages 28 individual spas in global cities, this will be their first project in New York City including both, hotel and spa.
According to The Real Deal, the mega project is expected to cost $1.9 billion, giving the financing a loan-to-cost ratio of 66 percent. The 950,000-square-foot development includes 240 condos, a 137-key five-star hotel operated by Six Senses Hotels Resorts Spas, and a 90,000-square-foot retail component. The West tower (34 stories) will be entirely dedicated to residences and residential amenities. The East tower (25) will be a combination of hotel and residential units. The hotel will be located adjacent to the High Line within the lower half of the East Tower and the residences will occupy the upper floors.
Ziel Feldman, Chairman and Founder of HFZ Capital, commented, “We’re pleased that our lender shares our vision for The Eleventh and the unique role it will play in contributing to the transformation and elevation of Manhattan’s far west side.” It is fair to say that this new project in New York City, will ascend a new level of elite development with its unique combination of location, architecture, services and lifestyle. Feldman also mentioned, “This project captures the modern age and Bjarke Ingles helps to showcase the era in the skyline for all to enjoy. This remarkable work of art signifies the continued appeal of the High Line and its place as an iconic destination.”
As an additional bonus to the mega project, and one of the development’s most interesting aspects, is their partnership with Friends of the High Line – the non-profit caretakers of the High Line. This is owned by the City of New York, and the High Line is a public park maintained, operated, and programmed by Friends of the High Line, in partnership with the New York City Department of Parks & Recreation. This collaboration will focus on a public open-air pedestrian promenade on the site that will run adjacent to the High Line.